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Proactiveinvestors United Kingdom Solo Oil http://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Solo Oil RSS feed en Thu, 24 May 2012 08:12:30 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Solo Oil raises £150,000 from equity line to test Ntorya-1 ]]> http://www.proactiveinvestors.co.uk/companies/news/43023/solo-oil-raises-150000-from-equity-line-to-test-ntorya-1-43023.html

Solo Oil (LON:SOLO) has raised £150,000 from its equity drawdown facility as it prepares to test its recent discovery in East Africa.

Solo issued 32.3 million shares at a “small premium” to the market price and will use the money to fund its 25 per cent share of the testing of the Ntorya-1 well gas discovery in the Ruvuma Basin in Tanzania

In February, Solo and partner Aminex (LON:AEX) reported the  discovery in a 25 metre (80 foot) gross sandstone interval at Ntorya.

The drawdown has been taken from at three year £10 million equity line facility with Dutchess Opportunity Cayman Fund.

Last month, Solo said it will invite offers from potential partners to participate in the next round of exploration at Ruvuma, commencing with the acquisition of additional seismic data later in 2012.

]]> Fri, 18 May 2012 14:06:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/43023/solo-oil-raises-150000-from-equity-line-to-test-ntorya-1-43023.html <![CDATA[RNS press release - Issue of Equity and TVR ]]> http://www.proactiveinvestors.co.uk/companies/rns/120518solo6728d/ Fri, 18 May 2012 12:49:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120518solo6728d/ <![CDATA[News - Solo Oil and Aminex prepare to test Ntorya gas discovery - UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/news/42142/-solo-oil-and-aminex-prepare-to-test-ntorya-gas-discovery-update-42142.html Solo Oil (LON:SOLO) today confirmed that preparations are now underway for the testing of the onshore Ntorya-1 well in Tanzania.

The firm and partner, Aminex (LON:AEX) told investors that the rig had now been released from the well site and rigless testing equipment was due to arrive in the coming weeks. 

A production string has been run in the well and a ‘Christmas tree’ had been installed in preparation for the planned test.

The plan is to test the gas discovery identified in recent drilling.

In February, the partners reported a gas discovery in a 25 metre (80 foot) gross sandstone interval, which will now be tested to establish how much production can be obtained.

The firms have also commissioned new studies to establish the extent of the Ntorya discovery and to locate further prospects in the Ruvuma Production Sharing Agreement (PSA) where Solo plans to invite offers from potential partners to participate in the next round of exploration, beginning with the acquisition of additional seismic data later in 2012.

Solo's executive director Neil Ritson said: "This discovery is ideally located just 20 kilometres from Mtwara where there is an existing gas to power facility and where there are plans to install additional gas facilities and pipelines to commercialise the reported 70 tcf of gas already discovered in the Ruvuma Basin.

"Having low cost gas onshore close to Mtwara is a significant advantage and we hope to capitalise on that jointly with Aminex.  We also look forward to further exploration in this highly prospective area."

Analyst Barney Gray, of old Park Lane Capital, who rates the stock a 'buy', said: "Solo has noted that Ntorya-1 appears to be on the edge of a deep gas play system where prospectivity increases in the direction of the offshore region of Tanzania. 

"This is apparent from the recent Jodari-1 discovery made by BG Group (LON:BG.) and Ophir Energy (LON:OPHR) at a subsea depth of 4,465 metres. Jodari-1 is estimated to contain recoverable resources of 3.4 TCF and is located only 27 km from Solo’s acreage."

He added: "With strong indications that Solo’s acreage is increasingly prospective towards the offshore region of the basin, we await news of the next round of exploration activity with great interest."

Gray targets a price of 1.5 pence for the stock.

 

Craig Howie, at house broker Shore Capital, said: "Today's update confirms progress towards testing at Ntorya, where we look forward to the announcement of test results in due course."

Howie added that the broker had calculated a risked net asset value (NAV) of 1.6p/share (fully diluted).

 

]]> Mon, 30 Apr 2012 14:43:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42142/-solo-oil-and-aminex-prepare-to-test-ntorya-gas-discovery-update-42142.html <![CDATA[RNS press release - Ntorya-1 Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/120430solo2976c/ Mon, 30 Apr 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120430solo2976c/ <![CDATA[News - Solo Oil executive director Neil Ritson buys 4 mln shares ]]> http://www.proactiveinvestors.co.uk/companies/news/42048/solo-oil-executive-director-neil-ritson-buys-4-mln-shares-42048.html Solo Oil (LON:SOLO) said it was informed that executive director Neil Ritson bought 4 million company shares yesterday at an average price of 0.54 pence.

This purchase takes Ritson's total holding to 21 million shares, or 0.82 per cent of the capital.

He also holds 40 million options exercisable at 0.5 pence each that expire on December 21 2012.

Earlier this month, Solo reported continued progress at its Canadian enhanced oil recovery project.
The project is operated by Reef Resources (CVE:REE). Solo has a 38.1 per cent stake in the Ausable Reef venture, as a result of a loan it made to Reef in April 2010.

The Ausable Reef EOR project reached an important milestone this week as gas injection began, using bought in gas, to start building pressure in oil reservoirs, thereby maximising oil and gas condensate production.

"The provision of utility gas to the Ausable field is a major milestone in the EOR program and confirms our confidence that production will rise steeply in the second half of 2012 towards the anticipated 500 bopd year end exit rate,” Ritson had told investors.

]]> Fri, 27 Apr 2012 14:37:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42048/solo-oil-executive-director-neil-ritson-buys-4-mln-shares-42048.html <![CDATA[RNS press release - Directors Dealings ]]> http://www.proactiveinvestors.co.uk/companies/rns/120427solo2546c/ Fri, 27 Apr 2012 12:27:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120427solo2546c/ <![CDATA[News - Solo Oil share rise on Reef Resources milestone at Ausable EOR project ]]> http://www.proactiveinvestors.co.uk/companies/news/41383/solo-oil-share-rise-on-reef-resources-milestone-at-ausable-eor-project-41383.html Solo Oil (LON:SOLO) shares advanced around 7 per cent in early deals as it revealed continued progress at its Canadian enhanced oil recovery project.

The project is operated by Reef Resources (CVE:REE). Solo has a 38.1 per cent stake in the Ausable Reef venture, as a result of a loan it made to Reef in April 2010.

The Ausable Reef EOR project reached an important milestone this week as gas injection began, using bought in gas, to start building pressure in oil reservoirs, thereby maximising oil and gas condensate production.

"The provision of utility gas to the Ausable field is a major milestone in the EOR program and confirms our confidence that production will rise steeply in the second half of 2012 towards the anticipated 500 bopd year end exit rate,” said Neil Ritson, executive director of Solo Oil.

Reef said that the injection of the gas, supplied by Union Gas, started after the meter was commissioned on April 6. So far 3 million cubic feet of gas has been free flowed into the Ausable pool, and as of yesterday the injection rate was increased to 1 million cubic feet per day.

Meanwhile, Reef also revealed progress at the nearby Airport projects which are being developed to supply gas for injection into the Ausable Reef.

It said that petrophysical analysis of the recently drilled North Airport 1 well has confirmed 63 metres of net hydrocarbon pay. Additionally it said that 57 metres of net pay has been confirmed in the existing Airport South 1 well.

“The presence of over 60 metres of net gas pay in the new North Airport well and confirmation of a similar amount of pay in the Airport South well, also contributes strongly to the project economics,” Ritson adds.

Reef is now in the final stages of completion programmes and field completion work is scheduled for May.

Furthermore it says that dry weather conditions have allowed the acceleration of pipelining and production optimization programs. The pipeline from Airport South to Ausable is nearly finished and it believes it should be substantially complete by end of April.  

"Solo and Reef Resources are making good progress in Ontario," Old Park Lane Capital analyst Barney Gray said in a note to clients.

"The provision of utility gas to the Ausable field represents major progress particularly during a period of historically low gas prices. 

"Additionally the contribution of gas output from both Airport wells will improve the overall economics of the EOR programme significantly and enable Solo to push towards the target of 500 bopd from the Ausable field by the year end."

]]> Thu, 12 Apr 2012 08:50:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41383/solo-oil-share-rise-on-reef-resources-milestone-at-ausable-eor-project-41383.html <![CDATA[RNS press release - Ausable EOR Project Update, Canada ]]> http://www.proactiveinvestors.co.uk/companies/rns/120412solo1730b/ Thu, 12 Apr 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120412solo1730b/ <![CDATA[RNS press release - Ntorya-1 Update, Tanzania ]]> http://www.proactiveinvestors.co.uk/companies/rns/120411solo1427b/ Wed, 11 Apr 2012 13:40:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120411solo1427b/ <![CDATA[News - Solo Oil and Obtala end talks over Argentina investment after administrative delays ]]> http://www.proactiveinvestors.co.uk/companies/news/41196/solo-oil-and-obtala-end-talks-over-argentina-investment-after-administrative-delays--41196.html Solo Oil (LON:SOLO) said the talks with Obtala Resources Ltd (LON:OBT) about Solo acquiring an oil concession in Argentina have been terminated by mutual agreement.

As announced early December, the companies had entered into heads of agreement for Solo buying Ilakon Ltd, a wholly-owned Obtala subsidiary which holds the beneficial rights to the Mina El Carmen block in Argentina.

Solo told investors today that the parties had anticipated completion in late January 2012, however, they have now concluded that administrative delays in due diligence preclude timely completion and have agreed to terminate the agreement.
 
In line with its investment strategy to acquire a diverse portfolio of direct and indirect interests in exploration, development and production, Solo continues to actively review investment opportunities, but is currently focused on Tanzania as a result of the recent discovery in its Ntorya-1 well in the Ruvuma PSA.

]]> Thu, 05 Apr 2012 07:35:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41196/solo-oil-and-obtala-end-talks-over-argentina-investment-after-administrative-delays--41196.html <![CDATA[RNS press release - Investment in Argentina ]]> http://www.proactiveinvestors.co.uk/companies/rns/120405solo8734a/ Thu, 05 Apr 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120405solo8734a/ <![CDATA[News - Solo Oil says Ausable Reef well logs indicate gas shows ]]> http://www.proactiveinvestors.co.uk/companies/news/41064/solo-oil-says-ausable-reef-well-logs-indicate-gas-shows-41064.html Solo Oil (LON:SOLO) said the North Airport-1 well drilled on the Ausable Reef field in Ontario by its joint venture partner has reached a depth of 608 metres, and logs indicate promising hydrocarbon shows.

The group relayed a statement from Reef Resources (CVE:REE), saying the electric logs indicate potential for natural gas in the shallow A2 zone as well as for hydrocarbon in the Guelph formation.

Petrophysical analysis will be initiated immediately to better determine both net pay and production potential, and details of the study will be released when complete.

Any hydrocarbons from North Airport-1 will be used to further enhance the gas recycle and enhanced oil recovery programme at Ausable. 

The well will be connected via pipeline to the standing Airport South natural gas/liquids well currently being tied into the Ausable process facility.

Solo executive director Neil Ritson said: "Success at the Airport North -1 well will provide additional gas reserves to support the Ausable EOR scheme where gas from Airport South and utility gas from the Union Gas pipeline are already being tied in. Ultimate recovery at Ausable depends on pressure maintenance and gas recycling so the availability of further gas sources will be extremely good news."
 
Solo has a 38.1 per cent stake in the Ausable Reef venture, as a result of a loan it made to Reef in April 2010.

]]> Tue, 03 Apr 2012 07:33:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41064/solo-oil-says-ausable-reef-well-logs-indicate-gas-shows-41064.html <![CDATA[RNS press release - Drilling Update, Canada ]]> http://www.proactiveinvestors.co.uk/companies/rns/120403solo6623a/ Tue, 03 Apr 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120403solo6623a/ <![CDATA[RNS press release - Drilling Update Ntorya-1, Tanzania ]]> http://www.proactiveinvestors.co.uk/companies/rns/120402solo6118a/ Mon, 02 Apr 2012 13:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120402solo6118a/ <![CDATA[News - Solo Oil expects latest Ausable Reef well completion early April ]]> http://www.proactiveinvestors.co.uk/companies/news/40946/solo-oil-expects-latest-ausable-reef-well-completion-early-april-40946.html Solo Oil (LON:SOLO) said the latest well being drilled on the Ausable project in Ontario is expected to be completed in early April, and at the Ntorya-1 well in Tanzania is currently having liner installed prior to further deepening.

The operational details were included in Solo’s interim results report for the period to December 31 2011, which showed a pretax loss of £486,000 compared with a loss of £219,000 a year earlier.

On the Ausable enhanced oil recovery project, Solo partner Reef Resources began drilling a new exploration well earlier this year, Airport North-1, to look for additional gas to supply to Ausable. 

That well is presently drilling ahead at 576 metres after the setting of intermediate casing and drilling to a total depth of 610 metres is expected to be completed in early April.

Solo has a 38.1 per cent stake in the Ausable Reef venture, as a result of a loan it made to Reef in April 2010.

The Ntorya-1 lies in the onshore portion of the Ruvuma Petroleum Sharing Agreement (PSA) in south-east Tanzania, and Solo has a 25 per cent interest in the discovery.  Operator Aminex (LON:AEX) holds the remainder.

At the time of reporting a liner is being completed prior to further deepening of the well to a further potentially oil prone target at 3,000 metres.  The well will be flow tested as a gas discovery at 2,600 metres once suitable equipment can be mobilised, Solo said.

Old Park Lane analyst Barney Gray said this month that Solo is significantly undervalued, while placing a ‘buy’ recommendation on the stock with a target price of 1.5 pence.

He said Solo has the potential for continued positive news flow over the next three months.

“Solo Oil possesses a highly prospective exploration play in Tanzania and a significant interest in a longer term development opportunity in Ontario, Canada,” he said in a note to clients.

“The company recently participated in an exciting gas discovery in the Ruvuma Basin in Tanzania and drilling is continuing in order to probe a deeper oil target.”

]]> Fri, 30 Mar 2012 08:54:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/40946/solo-oil-expects-latest-ausable-reef-well-completion-early-april-40946.html <![CDATA[RNS press release - Unaudited Interim Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/120330solo4080a/ Fri, 30 Mar 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120330solo4080a/ <![CDATA[News - Solo Oil director Kiran Morzaria resigns ]]> http://www.proactiveinvestors.co.uk/companies/news/40718/solo-oil-director-kiran-morzaria-resigns-40718.html  

 

Solo Oil (LON:SOLO) said its director Kiran Morzaria has resigned from the board to “dedicate more time to his other business interests”.

“The board would like to sincerely thank Mr. Morzaria for his valuable contribution to the company over the past few years,” Solo said in a brief statement this morning.

In its latest operational update released three weeks ago, Solo said good progress was being made with the critical elements of the Ausable enhanced oil recovery project in Ontario and added that lifting production depended on a number of technical modifications at the field.

These modifications are currently being carried out by Solo’s partner Reef Resources, and its work has run into a couple of delays. However, Reef remains upbeat about the project.

Reef said it will be able to start gas injection operations once the gas flow is reversed and it has made a number of modifications to facilities.

Elsewhere, drilling continues on another gas well, this time at the North Airport site. It is currently at a depth of 280 metres and it will be drilled down to a total depth of 608 metres.

Solo has a 38.1 per cent stake in the Ausable Reef venture, as a result of a loan it made to Reef in April 2010.

In Tanzania, Solo and partner Aminex (LON:AEX) successfully confirmed the discovery of a gas reservoir in the Ntorya-1 well in February.

The well was deepened after it initially missed its primary pre-drill target. However, it did encounter gas deeper in the well.

Old Park Lane analyst Barney Gray said this month that Solo is significantly undervalued, while placing a ‘buy’ recommendation on the stock with a target price of 1.5 pence.

He said Solo has the potential for continued positive news flow over the next three months.

“Solo Oil possesses a highly prospective exploration play in Tanzania and a significant interest in a longer term development opportunity in Ontario, Canada,” he said in a note to clients.

“The company recently participated in an exciting gas discovery in the Ruvuma Basin in Tanzania and drilling is continuing in order to probe a deeper oil target.”

Shares in Solo traded at 0.62 pence this morning, up 1.6 percent from Friday’s close.

 

 

]]> Mon, 26 Mar 2012 09:12:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/40718/solo-oil-director-kiran-morzaria-resigns-40718.html <![CDATA[RNS press release - Board Change ]]> http://www.proactiveinvestors.co.uk/companies/rns/120326solo9867z/ Mon, 26 Mar 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120326solo9867z/ <![CDATA[News - Solo Oil: A significantly undervalued opportunity, says broker ]]> http://www.proactiveinvestors.co.uk/companies/news/40315/solo-oil-a-significantly-undervalued-opportunity-says-broker-40315.html Solo Oil (LON:SOLO) shares offer a significantly undervalued opportunity, according to Old Park Lane Capital.

Analyst Barney Gray today initiated his coverage on the stock with a ‘buy’ recommendation and a 1.5p price target, which implies the stock could almost treble in value from the current price of 0.57p.

He says Solo has the potential for continued positive news flow over the next three months.

“Solo Oil possesses a highly prospective exploration play in Tanzania and a significant interest in a longer term development opportunity in Ontario, Canada,” he said in a note to clients.

“The company recently participated in an exciting gas discovery in the Ruvuma Basin in Tanzania and drilling is continuing in order to probe a deeper oil target.”

Gray reckons Solo’s core assets are worth US$74 million, or 1.5p a share, to the company.

However, he also says that Solo’s very exciting upside in Tanzania, and further news from the Ntorya-1 well, could propel the current valuation to ‘a highly attractive multiple of the current share price.’

Drilling began on the Ntorya-1 well in December. The initial pre-drill target was unsuccessful project operator Aminex and Solo decided to drill the well deeper to target additional prospects.

This decision was rewarded as the partners made a gas discovery, and the partners subsequently decided to drill on again to test an oil target. Drilling continues and the results are expected shortly.

Solo currently has a 25 per cent stake in the project, while Aminex owns a 75 per cent stake. Tullow Oil was previously a partner in the project however it decided not to participate in the well deepening exercise.

 

]]> Thu, 15 Mar 2012 15:57:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/40315/solo-oil-a-significantly-undervalued-opportunity-says-broker-40315.html <![CDATA[News - Solo Oil highlights good progress at Ausable Reef despite minor delays ]]> http://www.proactiveinvestors.co.uk/companies/news/39811/solo-oil-highlights-good-progress-at-ausable-reef-despite-minor-delays-39811.html Solo Oil (LON:SOLO) says good progress is being made with the critical elements of the Ausable enhanced oil recovery project in Ontario, Canada.

Lifting production depends on a number of technical modifications at the field, it said.

These modifications are currently being carried out by Solo’s partner Reef Resources, and its work has run into a couple of delays. However, Reef remains upbeat about the project.

"While progress at times has suffered from some minor delays, all the components of what we believe will be a very successful and productive program are now coming together at Ausable," said Arnie Hansen, president of Reef Resources.

Extremely wet weather has caused a delay in building the pipeline from the South Airport gas well, which provides gas for injection into Ausable. Reef Resources says operations will resume once the ground conditions have improved.

Meanwhile an unrelated issue related to gas supplier Union Gas means the ‘bought in’ gas for Ausable will also be delayed. Union Gas was due to reverse the gas meter at the end of last month but an internal planning issue, at Union Gas, has delayed the work until March 19.

Reef said it will be able to start gas injection operations once the gas flow is reversed and it has made a number of modifications to facilities.

Additionally Reef explained that it has purchased some larger parts, and is contracting the manufacture of others, to handle the larger volumes of oil, natural gas and water in the upgraded EOR project.

There are also a number of technical changes being made in relation to the venture pumps.

Elsewhere drilling continues on another gas well, this time at the North Airport site. It is currently at a depth of 280 metres and it will be drilled down to a total depth of 608 metres.

"Meeting the field production target of 500 bopd by end 2012 depends on successfully implementing a range of technical modifications at the Ausable Field, the import of gas from Union Gas and from the joint ventures own Airport reefs, and the full commissioning of the venturi pumping system successfully trialled in 2011 at Ausable-1,” said Neil Ritson, executive director of Solo Oil.

“Good progress is being made on all the critical elements.  

“In addition, the North Airport exploration well is anticipated to reach the reservoir in April and may give a further boost to the available equity gas for the EOR scheme."

 

Solo has a 38.1 per cent stake in the Ausable Reef venture, as a result of a loan it made to Reef in April 2010.

Subsequently Solo converted its loan into an equity stake in the project and made additional investments to increase its stake to the currnent level.

 

In a note to clients, Shore Capital oil analyst Craig Howie said: "Solo reports that good progress is being made on all critical elements, and we continue to see the potential for strong production growth, notwithstanding any minor slippage."

]]> Tue, 06 Mar 2012 07:32:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/39811/solo-oil-highlights-good-progress-at-ausable-reef-despite-minor-delays-39811.html